Tiahrt Votes to Stop Largest Tax Increase in American History

WASHINGTON – U.S. Representative Todd Tiahrt (R-Goddard) today issued the following statement after the House voted to allow the largest tax increase in American history to remain.

"Tax day is a reminder for all who pay taxes that the federal government is too fat," said Tiahrt. "I find it both ironic and disappointing that today, April 15, the House voted against consideration of the Tax Increase Prevention Act that would have prevented the largest tax increase in American history.

"In recognition of the stress and burden filling out tax forms and paying taxes imposes on millions of Americans, the least we can do is ensure the federal government will not be taking more of our paychecks. Congress should make permanent the 2001 and 2003 tax cuts and work to streamline our overly complex tax filing system.

"By refusing to prevent the largest tax increase in American history, this Democratic leadership is promoting a legislative agenda that will force every worker to pay higher taxes and receive less money on payday.

"Unfortunately, tax cut legislation does not just affect accountants and legislators. It impacts all working families who receive a paycheck."

If Congress fails to act:

- Individual tax rates will increase between 3 and 4.5 percentage points in each bracket on January 1, 2011.

- Capital gains rates will increase by 50 percent to 10 or 20 percent, depending upon income, on January 1, 2011

- The 10-percent income tax bracket will be eliminated on January 1, 2011, raising the income tax burden of many workers by 50 percent.

- Close to 30 million married couples will face an average tax increase of $686 resulting from the return of the marriage penalty.

April 16, 2008
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